Proof of Funds (Express Entry)

[flashlight]

Thanks in advance for help!

I received ITA on January 23rd, I am currently student in Canada and at this time I have about 10.000 USD in canadian bank, 5K euro in bank at home, plus my husband who is my dependent in the PR process has about 7K euro. We can provide bank statements for all 6 months, no problem there.

However I have few questions taht I could find answers in the forum:
1. Will CIC take into consideration both my and my husbands funds?
2. Before applying I have received about 3K in canadaian account and then spent them on tuition, and I have a few more small transfers into my account from parents no more that 1000 in previous months, however during the last 6 months, even not counting those transfer I have sufficient funds. Will that concern CIC?? How big should transfer be for them to question?
3. What exchange rate will CIC use?? any advice on this when I write in my LOE?
4. I have still 80 days, if I get my bank statements now with the letters, before I start the medicals and letters from employers an other documentation, and suppose apply in mid-march, will that be ok for CIC? It will show that I had the funds right after the ITA. or the letters from bank should be more recent?

please reply

 

[vishalg]

Thanks in advance for help!

I received ITA on January 23rd, I am currently student in Canada and at this time I have about 10.000 USD in canadian bank, 5K euro in bank at home, plus my husband who is my dependent in the PR process has about 7K euro. We can provide bank statements for all 6 months, no problem there.

However I have few questions taht I could find answers in the forum:
1. Will CIC take into consideration both my and my husbands funds?
2. Before applying I have received about 3K in canadaian account and then spent them on tuition, and I have a few more small transfers into my account from parents no more that 1000 in previous months, however during the last 6 months, even not counting those transfer I have sufficient funds. Will that concern CIC?? How big should transfer be for them to question?
3. What exchange rate will CIC use?? any advice on this when I write in my LOE?
4. I have still 80 days, if I get my bank statements now with the letters, before I start the medicals and letters from employers an other documentation, and suppose apply in mid-march, will that be ok for CIC? It will show that I had the funds right after the ITA. or the letters from bank should be more recent?

please reply

1. Yes, you need to write letter signed by your spouse that he/she allows to you to utlize the funds for settlement in canada
2. You can write a letter stating that you had enough funds even without the credit of certain transactions that happened in your account. Would be better if you can explain the source of such credits. Would like to know the answer for "how big the transfer should be"?
3. Bank will provide reference letter mentioning the amount in CAD. If they don't do that, write an LOE and use the exchange rate given on "Bank of Canada's" website.
4. Try and get the banks' statements as close to submission date (2-3 weeks of difference between the bank letters and application submission would be fine i guess)

 

[Torque]

Hi StanLee:

thanks a lot. the loan i have from my employer/bank is unsecured. And my account statement has this narrantion in each month "INSTALLMENT PAYMENT" for instalment deduction for this personal loan.

Please note,
My pof requirement is $18,825 (for 3 persons)
Total POF in form of FD in other bank $ 19,600
Loan amount in my bank $9,000

So, my plan is to submit the following -

a) Statment of FD as well as statement - from other bank, which will cover my proof of fund.
b) Balance confirmation certificate from my bank, which will proivde month-end balance in current account. Luckily this will not mention the loan amount.
c) I am not providing pay-slip, but will provide the salary information in the reference letter to be signed by my line manager. This will be in company letterhead and will provide contatct details of himself and the company (apart from other details required for NOC verification)

Do you think it will work? Please advise. Thanks a lot again for your valuable time.

Regards

Hi, can anybody can guide me

 

[flashlight]

1. Yes, you need to write letter signed by your spouse that he/she allows to you to utlize the funds for settlement in canada
2. You can write a letter stating that you had enough funds even without the credit of certain transactions that happened in your account. Would be better if you can explain the source of such credits. Would like to know the answer for "how big the transfer should be"?
3. Bank will provide reference letter mentioning the amount in CAD. If they don't do that, write an LOE and use the exchange rate given on "Bank of Canada's" website.
4. Try and get the banks' statements as close to submission date (2-3 weeks of difference between the bank letters and application submission would be fine i guess)

Thanks Vishalg,

I mean my mom deposited 1000USD into my count for 3 months, do I still need a gift deed?
also, pls tell me if Bank of Canada exchange rate shoudl be used for 'cash" or exchnage rate, those differ significantly.

Thanks!

 

[vishalg]

Thanks Vishalg,

I mean my mom deposited 1000USD into my count for 3 months, do I still need a gift deed?
also, pls tell me if Bank of Canada exchange rate shoudl be used for 'cash" or exchnage rate, those differ significantly.

Thanks!

Use the exchange rate
About the gift deed, not sure if 1000 USd counts for a significant amount but 3000 USD does make a significant amount, so you can write a letter stating that your mom deposited these amounts in your accounts.

May be seniors here can help, if a gift deed is required or just a plain LOE would suffice.

 

[shibdutta]

Hello Everyone,

If you have already received your PPR and planning to land (soft or permanent) in few weeks to few months, we have a whatsApp group.

who you will find in this group.

- people who have already landed, 70% people have landed here recently (max 1 year). They will be able to help you with things we need know before we fly. we share our experience in house and job searching.
- people who are planning to land soon. They share their preparation plan.
- as a group we meet regularly here in Canada, gives us an opportunity to be part of a bigger family.
- most of us are from India.

Ping me on whatsapp to join the group.
My WhatsApp No: +16478622434

NOTE: Its one of the few Spam-free WhatsApp groups on After PPR journey.

Thanks
Shiv

 

[thinkshady]

Hello Everyone,

If you have already received your PPR and planning to land (soft or permanent) in few weeks to few months, we have a whatsApp group.

who you will find in this group.

- people who have already landed, 70% people have landed here recently (max 1 year). They will be able to help you with things we need know before we fly. we share our experience in house and job searching.
- people who are planning to land soon. They share their preparation plan.
- as a group we meet regularly here in Canada, gives us an opportunity to be part of a bigger family.
- most of us are from India.

Ping me on whatsapp to join the group.
My WhatsApp No: +16478622434

NOTE: Its one of the few Spam-free WhatsApp groups on After PPR journey.

Thanks
Shiv

Mate I understand your positive intentions however I would suggest you to create new thread updating the same instead of flooding same message in multiple threads.

 

[kaushalyap]

can my father get a loan and give it to me under a gift deed? will this have an issue on POF? Has anyone come across this situation??

Please help..

 

[ldrbjp]

can my father get a loan and give it to me under a gift deed? will this have an issue on POF? Has anyone come across this situation??

Please help..

I think thats alright as long as you get a gift deed for the funds transferred by your father. I dont think there would be a question of where your father got those funds. Would like to see senior's response too on this.

 

[vishalg]

I read in another thread that people were asked to showcase donor's 6 month statements to prove that gift came from their own earnings and savings and not from any loan. This was a case for OINP. someone who has applied within last 8 months without donor's statements can highlight his/her experience

 

[ldrbjp]

wow thats interesting!

My question on a different note:

My bank in Singapore refuses give me a letter for the proof of statements instead asks me to utilize the consolidated estatements it provided me on monthly basis. These statements include all the info, transactions, opening and closing balance, my name, address and account number, bank's logo, address and contact details.

Would these statements suffice?

 

[ashutosh_pant]

Hi everyone,

I need help regarding a FD which I had in my bank. The FD matured and the amount of INR 125,000 ( CAD 2500 approximately) got transferred to my savings accounts which I am going to show to CIC for proof of funds. At present the bank account has a balance of CAD17500 for single applicant with this recent transaction of 125,000 INR. Is it fine?

 

[s.tamoor]

Hello All

got a query regarding proof of funds.

My average balance for past 6 months is 5k canadian dollar does it mean that I only have to borrow rest of the money from my Father and make a Gift Dead accordingly or all the money has to come from my Father?

Regards

 

[kryt0n]

Hello All

got a query regarding proof of funds.

My average balance for past 6 months is 5k canadian dollar does it mean that I only have to borrow rest of the money from my Father and make a Gift Dead accordingly or all the money has to come from my Father?

Regards

You can't borrow anything. Either he gives it you or he doesn't. A gift deed isn't a way around parents lending money to cheat the system.

 

[s.tamoor]

sorry that's what I meant use the wrong word he will obviously will be giving it as a gift